Business Insurance back issues from June 2008:
FM Global releases engineering data online.(Industry News)(Brief article)
Jun 01, 2008 ... JOHNSTON, R.I.-Factory Mutual Insurance Co., which does business as FM Global, is making thousands of pages of previously exclusive loss prevention engineering guidelines available at no cost through its Web site. It's the first time FM Global has released such information, and ...
Industry leaders inducted into hall of fame.(Industry News)(International Insurance Society Inc. adds Patrick G. Ryan, Dominic D'Alessandro and G S. Diwan to Insurance Hall of Fame)(Brief article)
Jun 01, 2008 ... NEW YORK-The International Insurance Society Inc. has added three insurance industry leaders to the Insurance Hall of Fame. Patrick G. Ryan, founder and executive chairman of Chicago-based Aon Corp.; Dominic D'Alessandro, president and chief executive officer of Toronto-based ...
WSI launches LiveCat Forecast service.(Industry News)(WSI Corp. and Guy Carpenter and Company Inc.)(Brief article)
Jun 01, 2008 ... ANDOVER, Mass.-Weather information specialist WSI Corp. has developed a new forecasting tool for predicting the path and intensity of hurricanes and tropical storms. The company says its WSI LiveCat Forecast service, developed in collaboration with Guy Carpenter & Co. L.L.C., ...
On the move.(Mark Lyons appointed as chief executive officer of Arch Insurance Group.)(Paul W. Springman appointed as president at Markel Corp. )(LoriAnn Lowery appoited as president at Lloyd's North America)
Jun 01, 2008 ... Hamilton, Bermuda-based Arch Capital Group Ltd. has promoted Mark Lyons to chairman and chief executive officer of Arch Insurance Group. Mr. Lyons, who will assume the post July 2, succeeds Ralph Jones, who is retiring at the end of his five-year term on July 1. Mr. Lyons, who will be ...
Economic strategies; Insurance industry contends with declining dollar, subprime crisis.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2008; ... Byline: Meg Fletcher The U.S. insurance industry is using a variety of strategies to withstand the global impacts of the declining U.S. dollar and subprime credit crunch, observers say. Some insurers are hedging currency risks, boosting balance sheets in stock ...
U.S. Risk Underwriters releases MedTour Pro.(Industry News)(Brief article)
Jun 01, 2008 ... DALLAS-U.S. Risk Underwriters, a subsidiary of managing general agency and surplus lines wholesaler U.S. Risk Insurance Group Inc., has launched a professional liability product for the medical tourism industry. MedTour Pro is designed for medical tourism professionals who ...
Zurich rolls out withdrawals cover for product defects.(Industry News)(Zurich Financial Services)(Brief article)
Jun 01, 2008 ... SCHAUMBURG, Ill.-The North America Commercial division of Zurich Financial Services Group has introduced product withdrawal expense insurance to manufacturers and distributors for both voluntary and government-mandated product withdrawals. The coverage is offered as an ...
PlanSource acquires Enwisen benefits suite.(Industry News)(Brief article)
Jun 01, 2008 ... LOUISVILLE, Colo.-PlanSource, a provider of human resources, benefits and insurance management solutions for small and midsize businesses, has acquired Enwisen Inc.'s communications solution suite for benefits brokers. PlanSource said it will combine its benefits administration ...
New product success hinges on more than IT.(Feature: Gatherings)(usage of informaton technology by insuance industry)
Jun 01, 2008; ... Byline: Rodd Zolkos LAS VEGAS-Many in the insurance industry are involving information technology in developing new products, an approach that often is worthwhile but sometimes is misguided, according to one insurance industry technology researcher. "There's a lot ...
Ethical dilemma; NAIC, IIPRC conduct policies raise questions.(Feature: Regulation)(National Association of Insurance Commissioners and Interstate Insurance Product Regulation Commission )
Jun 01, 2008; ... Byline: Meg Fletcher The National Assn. of Insurance Commissioners and the Interstate Insurance Product Regulation Commission have barred gifts from insurance industry lobbyists, policies that have been both praised and criticized. The goal of the separate NAIC ...
Moving HQ packs risks, rewards.(Last Word)
Jun 01, 2008; ... Decisions about where to locate global and regional headquarters are of paramount importance to insurers. They can have a tremendous impact in creating new marketplace opportunities, boosting profit margins, improving access to capital, and reducing tax and regulatory concerns. ...
Three questions.(Industry News)(InsuranceNoodle Inc.)
Jun 01, 2008; ... Since its formation in 2000 as a Web-enabled wholesaler of commercial property/casualty insurance products, Chicago-based InsuranceNoodle Inc. has seen changes in its product mix and insurer relationships as well as a change in ownership. As the company's own technology has developed along ...
Travel terms and conditions.(First Word)(analysis of growth in air fares)(Column)
Jun 01, 2008; ... Byline: Rodd Zolkos I started writing this column during my last trip of the North American insurance industry's spring conference season. Which means, of course, that I started this column as the summer vacation travel season was about to begin. In the ...
Straight-through processing makes inroads into P/C world.(Tech Focus)
Jun 01, 2008; ... Byline: Lindsay Fassett and Jason McDonald A few years ago, the concept of straight-through processing seemed as likely as world peace. Many dreamed about it, but few dared to hope. Actuaries and underwriters fretted over handing over critical decisions to automated ...
Soft market success; AAMGA fosters lean, mean philosophy to maintain profitability.(Feature: Gatherings)(American Association of Managing General Agents)
Jun 01, 2008; ... Byline: Rodd Zolkos PHOENIX-As its members address today's market conditions, the American Assn. of Managing General Agents also wants to prepare the sector for challenges to come. Speaking about current market conditions during this year's annual AAMGA conference in ...
Ward Group assembling benchmarking program.(Industry News)(Brief article)
Jun 01, 2008 ... CINCINNATI-Consulting firm Ward Group is compiling what it says will be a comprehensive benchmarking program for insurance company finance operations. Cincinnati-based Ward Group said the benchmarking program is being conducted to analyze expenses and staffing levels for ...
Errors & Omissions.(Correction notice)
Jun 01, 2008 ... In the May issue of IF, the "Straight Through'' article contained an incorrect figure for the percentage of ...
Emerging markets: Risk and opportunity.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2008; ... Byline: Rodd Zolkos Emerging markets offer rich opportunities for many businesses, though with those opportunities come risks that require not only insurance but often specific expertise from the insurance industry to manage them effectively. The demand for those ...
It's easier being green; Insurers adopt measures to cope with climate change.(Cover Focus: Emerging Markets & Globalization)
Jun 01, 2008; ... Byline: Meg Fletcher Many insurers and reinsurers are adopting ecologically friendly practices to cope with climate change risks. Internally, they are establishing integrated response teams or units, attempting to reduce their carbon footprint through operational ...
Industry critical of NAIC's climate risk reporting rules.(Cover Focus: Emerging Markets & Globalization)(National Association of Insurance Commissioners)
Jun 01, 2008; ... Byline: Meg Fletcher While many insurers and reinsurers voluntarily are adopting eco-friendly practices, some are criticizing a U.S. regulators' proposal to require each company to answer new mandatory questions as part of its annual statement about how the company handles ...
IN Focus.
Jun 01, 2008 ... Whether it's a giant red umbrella or a film on personal responsibility, insurance industry companies take various routes to connect with buyers, establish brand identity and set themselves apart from the competition. Here are several approaches to getting the message to the marketplace. ...
Class action legislation gains new life in France; Plan would limit suits to consumer groups and omit punitives.(International News)
Jun 02, 2008; ... Byline: ANDREW ROSENBAUM PARIS-An effort is again under way in the French Parliament to institute the use of class action lawsuits in specific circumstances. The main proposal-which takes the form of an amendment to the Law on Economic Modernization bill currently ...
Cooper Gay wraps 'significant' buy.(International News)(Cooper Gay & Co. Ltd. acquiring aerospace, U.K)(Brief article)
Jun 02, 2008; ... Byline: SARAH VEYSEY LONDON-London-based brokerage Cooper Gay & Co. Ltd. has acquired the aerospace, U.K. wholesale and reinsurance business of Heath Lambert Group Ltd. Cooper Gay said it also purchased parts of London-based Heath Lambert's global business solutions ...
Florida asbestos medical criteria law can't be applied retroactively: Court; Ruling allows claims even if suit not filed before law took effect.(News)(Brief article)
Jun 02, 2008; ... Byline: DAVE LENCKUS WEST PALM BEACH, Fla.-A Florida appellate court ruled last week that the state's asbestos and silica medical criteria law cannot be applied retroactively to bar suits from plaintiffs who say they suffered injuries before the law's effective date. ...
Insurer wrong to deny cancer treatment cover, Wis. high court rules; Judges say insurer's plan interpretations were inconsistent.(News)
Jun 02, 2008; ... Byline: GLORIA GONZALEZ MADISON, Wis.-A health insurer wrongfully denied coverage for a specialized chemotherapy treatment for a child with cancer, according to the Wisconsin Supreme Court. The decision by Touchpoint Health Plan Inc. to deny benefits for high-dose ...
States mandate cover for eating disorders; Insurers say conditions rarely excluded.(News)
Jun 02, 2008; ... Byline: KRISTIN GUNDERSON HUNT SPRINGFIELD, Ill.-Illinois lawmakers were expected to give final approval last week to a bill mandating that large-group health care plans cover treatment of anorexia nervosa and bulimia nervosa. It is the latest state to require parity for eating ...
Retaliation ruling may spur bias suits; Supreme Court case significantly extends period to file claims.(News)(Case overview)
Jun 02, 2008; ... Byline: JUDY GREENWALD Employers are likely to face more racial retaliation claims under a Civil War-era federal law as the result of a U.S. Supreme Court decision last week, observers say. The 7-2 ruling in CBOCS West Inc. vs. Hedrick G. Humphries says racial ...
Tech-savvy Millennials set to change business.(Commentary)(Viewpoint essay)
Jun 02, 2008; ... Byline: Rodd Zolkos Over the past few years, as insurers and reinsurers have learned lessons from events like the Sept. 11, 2001, terrorist attacks and anticipated the possibility of global pandemics, there's been a lot of discussion of "clash'' risks-exposures in which a ...
Cat modelers eyeing climate change debate; Warming trends not yet major factor in models.(News)
Jun 02, 2008; ... Byline: MARK A. HOFMANN As the 2008 hurricane season begins amid growing attention to climate change questions, catastrophe modelers are working to determine what effect temperature trends will ultimately have on their models. That task, modelers and others say, is ...
Pension rulings swing to employers' favor.(International News)
Jun 02, 2008; ... Byline: GLORIA GONZALEZ TORONTO-Recent Canadian court decisions have given greater weight to the rights of employers in pension disputes, but they may be too late to reverse the decline of defined benefit plans, pension experts say. Between the mid-1980s and 2005, ...
CANADIAN RULINGS.(International News)
Jun 02, 2008 ... Canadian pension cases have evolved from being strongly protective of plan members' rights to recognizing the rights of employers in pension plan management. Case: Collins et al. vs. Pension Commission of Ontario (1986) Court: Ontario Divisional Court ...
PBM Express Scripts reaches multistate pact to end switching probes; Joins other PBMs in agreeing to alter business practices.(News)
Jun 02, 2008; ... Byline: GLORIA GONZALEZ ST. LOUIS-Express Scripts Inc. has become the third pharmacy benefit manager in the past four years to settle allegations that the PBM engaged in deceptive business practices related to prescription switching. St. Louis-based Express Scripts ...
Hump day worst for on-the-job injuries.(End Page)(Brief article)
Jun 02, 2008 ... Workers looking for a good day to call in sick might want to pick Wednesday, since it's the most likely day to get injured on the job, according to a study by the Kansas Department of Labor. The department's "2006 Survey of Occupational Injuries and Illnesses'' of 3,500 private ...
ADEA prohibits retaliation against federal employees.(News)(Age Discrimination in Employment Act)
Jun 02, 2008; ... Byline: Judy Greenwald WASHINGTON-The Age Discrimination in Employment Act of 1967 prohibits retaliation against a federal employee who complains of age discrimination, even though retaliation is not explicitly mentioned in the law, the U.S. Supreme Court has ruled. ...
In brief.(News)(H.J. Heinz Co. receiving final authorization from the Labor Department to expand benefit risks)(Oxford Health Insurance Inc. refunding $50 million to small business customers to settle overcharged claims)(Daniel Izard, chief operating officer of Endurance Specialty Holdings Ltd retiring)
Jun 02, 2008 ... SCIF seeks revised comp discounts California's State Compensation Insurance Fund said last week that a recently filed rating plan would result in a 3.5% reduction in premiums collected for California workers compensation policies incepting July 1. SCIF-based workers comp rates ...
Judge swats suit alleging injuries from flies in water.(End Page)(Brief article)
Jun 02, 2008 ... The fly in the ointment of a Canadian man's lawsuit over contaminated bottled water was that he suffered too much. Canada's Supreme Court ruled that Waddah Mustapha can't recover damages for mental trauma he suffered after Brampton, Ontario-based Culligan of Canada Ltd ....
Coalition tests program to treat depression; Plan includes doctor rewards, aims to fight major employer cost.(News)
Jun 02, 2008; ... Byline: JOANNE WOJCIK MINNEAPOLIS-In an attempt to address an estimated $44 billion that U.S. employers lose in productivity a year due to employee depression, Bridges to Excellence this week is launching a pay-for-performance program that will reward physicians for providing ...
Readers Choice Awards voting begins.(News)
Jun 02, 2008 ... Business Insurance invites its readers to vote for the best overall commercial insurance industry companies in our 2008 Readers Choice Awards. Now in their fourth year, BI's Readers Choice Awards recognize the top-performing companies in more than a dozen categories relating to ...
Mass. uninsured figures tumble due to health care reform; Landmark measure cuts treatment costs through prompt care.(News)
Jun 02, 2008; ... Byline: JERRY GEISEL WASHINGTON-Massachusetts continues to make progress in implementing its landmark health care reform law, even as other states have stumbled in their efforts to enact comprehensive reform measures. The Massachusetts law includes an individual ...
Expect the unexpected in managing risks globally; Risk managers agree networking is an asset when going abroad.(News)(Interview)
Jun 02, 2008 ... Managing global risks is a tough job that requires careful consideration of local customs. Business Insurance and Business Insurance Europe recently convened a roundtable with three leading U.S.-based risk managers of multinational organizations: Paul Buckley, vp-risk management at Tyco ...
Easing military vets' return; Police officers often undergo post-combat evaluations; experts suggest treating each as unique.(Spotlight: Public Entity Risk Management)
Jun 02, 2008; ... Byline: ROSEANNE WHITE GEISEL Many U.S. companies have employees returning from active military duty overseas, but law enforcement agencies have additional considerations before putting a police officer back on the job. The prospect of potentially traumatized veterans ...
Ways to support employees during, after military service.(Spotlight: Public Entity Risk Management)
Jun 02, 2008; ... Byline: Roseanne White Geisel Law enforcement agencies can ease the transition for returning military combat veterans. The following steps are recommended by Greg Langan, loss control director, public entity and scholastic division, and managing director of the loss ...
Nationwide voted... Sanjaya is safe!(End Page)(advertising campaign of Nationwide Mutual Insurance Co.)(Brief article)
Jun 02, 2008 ... Sanjaya Malakar's 15 minutes of fame has been extended. The former "American Idol'' contestant, whose hairstyles got as much attention as his "talent'' during the sixth season of the popular reality television show, is the latest star of Nationwide's ongoing "Life Comes at You ...
Congress should pass insurance reform bills.(Opinions)(Viewpoint essay)
Jun 02, 2008 ... WHEN CONGRESS RETURNS today from its Memorial Day recess, senators and representatives alike should begin dealing with some unfinished risk management business that could and should be resolved before this Congress becomes history later this year. We're not talking about the ...
Market moves.(WellPoint Inc. acquiring DeCare Dental)(Three companies merging to form Arete Partners L.L.C)(Arthur J. Gallagher & Co. acquiring Specialty Risk Inc.)
Jun 02, 2008 ... WellPoint acquires DeCare Dental EAGAN, Minn.-Indianapolis-based WellPoint Inc. has acquired DeCare Dental, an Eagan, Minn., dental plan administrator that handles 4 million members in 22,000 employer groups. As a result of the acquisition, WellPoint said it will ...
Challenge sparks creativity; Questions & answers.(Spotlight: Public Entity Risk Management)(Sarah Perry)(Interview)
Jun 02, 2008; ... Byline: Dave Lenckus Sarah Perry, risk manager for the city of Columbia, Mo., is the incoming president of the Alexandria, Va.-based Public Risk Management Assn. Ms. Perry spoke with Business Insurance Senior Editor Dave Lenckus about the various challenges that public entity ...
Soft P/C prices provide breathing room for now.(Spotlight: Public Entity Risk Management)
Jun 02, 2008; ... Byline: JUDY GREENWALD The soft property/casualty market has been a welcome development for U.S. public entity risk managers affected by the nation's economic downturn. Increased P/C rates "would only double the pain,'' said Kathy Peeling, risk management specialist ...
Why some budgets escape cuts.(Spotlight: Public Entity Risk Management)(Brief article)
Jun 02, 2008; ... Byline: Judy Greenwald While many public entity risk managers say they're feeling the pinch of the economic downturn, others say it's not materially affected them, at least so far. For instance, the city's management department remains fully staffed in Anaheim, ...
Amid labor dispute, Council event likely to be moved from Greenbrier.(End Page)(Brief article)
Jun 02, 2008 ... For the first time in 95 years, insurance industry executives may not be able to say, "See you at the Greenbrier.'' The annual October gathering of the Council of Insurance Agents & Brokers and Council of Insurance Company Executives has taken place at one location since 1913, ...
More states passing firefighter comp laws; Public employers say presumptive statutes costly, unnecessary.(News)
Jun 02, 2008; ... Byline: SALLY ROBERTS Firefighters across the nation are lobbying state legislatures to expand workers compensation protections for illnesses and diseases they say they contract while in the line of duty. Because firefighters put their lives on the line to protect ...
County's wellness program used to curb comp costs.(News)(Brief article)
Jun 02, 2008; ... Byline: Sally Roberts The Orange County Fire Authority is taking steps toward combating costs associated with California's presumption statue. Under California's Labor code, if a firefighter contracts any form of cancer, heart-related disease or a blood-borne ...
Dictating comp cover a misguided effort.(Opinions)(law regarding compensation and benfits of firefighters)(Viewpoint essay)(Brief article)
Jun 02, 2008 ... THE INCREASE IN PRESUMPTIVE laws mandating that certain medical conditions affecting firefighters be considered work-related unless proven otherwise is troubling. The well-intended state laws seek to ensure that workers compensation programs cover firefighters for, in some ...
Pools retain unique pull despite soft commercial market; Knowledge of public entity risks, stability uphold retention rates.(Spotlight: Public Entity Risk Management)
Jun 02, 2008; ... Byline: MARK A. HOFMANN Public entity insurance pools have demonstrated membership stability despite the soft property/casualty market, observers say. Reasons for the pools' staying power include municipal risk managers' search for stability regardless of market ...
Economic woes squeeze local governments' risk budgets; Amid cost-cutting, some entities consider buying less insurance.(Spotlight: Public Entity Risk Management)
Jun 02, 2008; ... Byline: JUDY GREENWALD Public entity risk management departments face layoffs and budget cuts as the economic downturn that has hit much of the U.S. economy extends to the public sector. In addition to cuts, some public entity risk managers also are preparing for ...
On the web.
Jun 02, 2008 ... BI VIDEO RIMS leaders speak about development The Risk & Insurance Management Society Inc. recently unveiled a professional growth tool to help members enhance their skills. Members of the RIMS board of directors discuss professional develop programs in the new ...
Online Poll at www.businessinsurance.com.(Opinions)
Jun 02, 2008 ... Are AIG's recent financial results a sign of more trouble ahead? No: AIG is still very strong: 28% No: But AIG has fixes to make: 20% Yes: But it will not get much worse: ...
'Leaks' of data surge; Canada weighs mandatory breach notification.(International News)
Jun 09, 2008; ... Byline: GLORIA GONZALEZ OTTAWA-The number of data breaches in Canada reported so far in 2008 is outpacing last year's figure, with many of the breaches caused by companies failing to take basic steps to protect personal information, according to Canada's federal privacy ...
AMENDED AGREEMENTS.(News)
Jun 09, 2008 ... 2005: Leading commercial brokers Marsh Inc., Aon Corp., Willis Group Holdings Ltd. and Arthur J. Gallagher & Co. all agree to pay collectively more than $1 billion in client restitution to settle client-steering allegations. The settlement agreements include a ban on accepting contingent ...
NCQA seeks input on wellness plans.(News)(Canada. Personal Information Protection and Electronic Documents Act 2000)
Jun 09, 2008; ... Byline: JOANNE WOJCIK WASHINGTON-The National Committee for Quality Assurance is seeking public comment on its proposal to evaluate corporate wellness and health programs. The program, slated to launch in early 2009, will evaluate organizations that provide services ...
Coverage for when insurers say 'no'.(End Page)(Swett and Crawford Group introduces a product Claims Dispute Insurance)(Brief article)
Jun 09, 2008 ... Concerned about racking up big legal bills fighting your insurers over claims? Don't get mad-get ...more insurance? That's the idea behind a new offering from Swett & Crawford Group Inc., which last week unveiled a product called Claims Dispute Insurance. According to ...
Dose of reality in fight over fantasy baseball.(End Page)(cases of C.B.C. Distribution and Marketing Inc.)(Brief article)
Jun 09, 2008 ... A fantasy sports distribution company completed a sweep of Major League Baseball when the U.S. Supreme Court refused to hear a case challenging the use of MLB players' names and statistics. Without comment, the justices last week declined to hear the case, upholding a ruling ...
UP CLOSE Mark Farrell.(Comings & Goings)(Intracorp appoints Mark Farrell as its new president )(Brief article)
Jun 09, 2008 ... NEW JOB TITLE: President of Intracorp, a unit of CIGNA Corp., in Philadelphia START DATE: April 7 PREVIOUS POSITION: Vp and senior sales consultant at Commerce Insurance Services Inc. VITAL STATISTICS: B.A. in business administration from Muhlenberg ...
Big brokers win OK for some contingents; Incentives allowed at newly acquired units.(News)(Aon Corp.and Willis Group Holdings Ltd.)
Jun 09, 2008; ... Byline: SALLY ROBERTS NEW YORK-The world's three largest brokers, which ceased collecting contingent commissions as part of their broad compensation settlements in 2005, were given permission last week to accept the incentive payments from insurers on acquired brokers' existing ...
Accusations against drug wholesaler expand; Alleged co-conspirator receives preliminary approval to settle 2005 class action lawsuit.(News)(McKesson Corp.)
Jun 09, 2008; ... Byline: DOUGLAS McLEOD BOSTON-Pharmaceutical wholesaling giant McKesson Corp. faces widening litigation charging it manipulated prescription drug prices, while its alleged co-conspirator in the scheme, a leading publisher of drug pricing data, moves closer to a settlement. ...
Settlement may improve deals for PBMs.(News)(First DataBank Inc. and McKesson Corp.)
Jun 09, 2008; ... Byline: Douglas McLeod BOSTON-First DataBank Inc.'s proposed settlement of pharmaceutical price-fixing charges is not likely to produce any immediate savings for health plan sponsors or insurers if approved, but it may lead to renegotiation of contracts with pharmacy benefit ...